New mortgage rules to blame for cool start to 2018
March was a slow month for home sales in the Bow Valley with only 25 properties changing owners compared to 47 in March, 2017. No one was really sure how the new mortgage rules that came into effect January 1st, would impact the Canmore real estate market. The market was strong enough to endure the provincial recession attributed to low oil prices that began in 2015 and lasted 2 years, in fact, the small town's economy seemed to have thrived during that time. As a result, some speculated that Ottawa's implementation of the mortgage "stress test" would hardly have an impact on buyers looking to purchase a property in Canmore however, that simply isn't the case.
The new rules meant that…
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